FERC Order on FTR Forfeitures Sample Clauses

FERC Order on FTR Forfeitures. On January 19, 2017, FERC determined that the application of the current FTR forfeiture rule to INCs, DECs and UTCs was unjust and unreasonable.40 In their determination, FERC ordered that a method should be developed to consider the net impact of a participant’s entire portfolio of virtual bids on a constraint related to an FTR position. The new rule will be more transparent and will depend on an individual participant’s net impact on a constraint. FERC also explicitly ordered counter flow FTRs to be considered for FTR forfeiture. In response to this, PJM determined that no FTR forfeitures will be billed to participants after January 19, 2017, under the prior rules. Instead, participants will be retroactively billed their FTR forfeiture amounts based on the new FTR forfeiture rule once it is in place. Until January 19, 2017, an FTR Holder may be subject to forfeiture of any profits from an FTR if it meets the criteria defined in Section 5.2.1 (b) of Schedule 1 of the PJM Operating Agreement. If a participant has a cleared increment offer or decrement bid for an applicable hour at or near the source or sink of any FTR they own and the day-ahead congestion LMP difference is greater than the real-time congestion LMP difference the profits from that FTR may be subject to forfeiture for that hour. An increment offer or decrement bid is considered near the source or sink point if 75 percent or more of the energy injected or withdrawn, and which is withdrawn or injected at any other bus, is reflected on the constrained path between the FTR source or sink. This rule only applies to increment offers and decrement bids that would increase the price separation between the FTR source and sink points. After January 19, 2017, participants will be subject to the new FTR forfeiture rule. PJM began retroactively billing forfeitures back to January 19, 2017, and billing for the prompt month FTR forfeitures, starting with the September bill. PJM will continue billing one retroactive month concurrently with the prompt month until all retroactive months are billed. This rule considers the impact of a participant’s net virtual transaction portfolio on all constraints. If a participant’s net virtual portfolio impacts a constraint by the greater of 0.1 MW or 10 percent or more of the line limit, and that constraint affects an individual FTR’s target allocation by $0.01, the FTR is subject to FTR forfeiture if the net virtual portfolio increased the value of the FTR. FTR forfeitu...
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FERC Order on FTR Forfeitures. On January 19, 2017, FERC determined that the application of the current FTR forfeiture rule to INCs, DECs and UTCs was unjust and unreasonable.38 In their determination, FERC ordered that a method should be developed to consider the net impact of a participant’s entire portfolio of virtual bids on a constraint related to an FTR position. The new rule will be more transparent and will depend on an individual participant’s net impact on a constraint. FERC also explicitly ordered counter flow FTRs to be considered for FTR forfeiture. In response to this, PJM determined that no FTR forfeitures will be billed to participants after January 19, 2017, under the prior rules. Instead, participants will be retroactively billed their FTR forfeiture amounts based on the new FTR forfeiture rule once it is in place. 2011/2012 $512.2 $249.8 $770.6 $762.0 98.9 83.3 $762.0 $598.6 ($163.4) $113.9 2012/2013 $349.5 $181.9 $575.8 $531.4 92.3 68.0 $531.4 $275.9 ($255.5) $62.1 2013/2014 $337.7 $456.4 $1,777.1 $794.0 44.7 43.2 $794.0 $574.1 ($219.9) $0.0 2014/2015 $482.4 $404.4 $1,390.9 $886.8 63.8 57.2 $886.8 $686.6 ($200.2) $400.6 2015/2016 $635.3 $223.4 $992.6 $858.8 86.5 78.2 $858.8 $744.8 ($113.9) $188.9 2016/2017 $640.0 $169.1 $824.6 $809.1 98.1 89.5 $809.1 $727.7 ($81.4) $179.0 Total $2,957.1 $1,684.9 $6,331.6 $4,642.1 73.3 65.0 $4,642.1 $3,607.8 ($1,034.2) $944.4 38 See 158 FERC ¶ 61,038 (2017).
Sample 1
FERC Order on FTR Forfeitures. On January 19, 2017, FERC determined that the application of the current FTR forfeiture rule to INCs, DECs and UTCs was unjust and unreasonable.67 In their determination, FERC ordered that a method should be developed to consider the net impact of a participant’s entire portfolio of virtual bids on a constraint
Sample 1

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